Southern Pacific Mortgages

Advantages: Good for short term solutions to finding a mortgage
Disadvantages: Higher rates, (high) penalties for first three years

...history. Southern Pacific was recommended to me as a lender that takes mortgage enquiries into account irrespective of past credit history problems, thus they’re a good lender to turn to even if you’ve previously been sent packing, spitting and pleading from the doors of other lending companies. They are a reputable company and adhere to the regulations of the Mortgage Code (I checked this out through speaking to various other brokers). ...
...surely be able to recommend Southern Pacific. However, if you have any problems with this I would recommend Simpleloans (on (01543) 303170) as a broker (no, I’m not advertising it’s just that I used them myself and they’re very, very good). Incidently, they also adhere to the policies of the Mortgage Code and, as you would expect, offer impartial and friendly advice (as well as offering a free valuation service) - important in itself ... Read review

Advantages: good chance for bad credit risk, not tied in for more than 3 years, reasonable rates under the circumstances
Disadvantages: higher rates than the high street, big redmeption penalty in first 3 years

A US company specialising in "sub-prime" credit. They will consider you if you have CCJ's or arrears. Their are a few of these companies around at the moment but SPM was the pne I have found most reasonable on every front. You will pay more than you will pay from a High Street lender. For instance I have been quoted a fixed rate of 7.9% for one yaer rising to their standard variable of 8.9 after that. This is about 1% more expensive than conventional ...
...years during which time the redemption penalties are 6% after which they are 1 month. So it is not the best deal in the world if you can go elsewhere but if you can't it's actually not that bad. Most brokers specialising in bad credit cases will know of SPM and they can be contacted this way. They work by mitigating the risk in 2 ways one is to charge more interest and the other is to demand more deposit. You will find the rates at 10% prohibitive ... Read review

Advantages: regardless of ccj's, defaults and arrears, they will help!
Disadvantages: short term help, charges, poor service

...by 6 times when the high street standard up until Mortgage Day Nov 04 when things changed, was around 3.5x income for a single person. This is mainly due to pushy reps and company directors of Brokers who want maximum turnover regardless of whether its putting people in better financial positions, at long as they are. The commission they recieves becomes a reason to put customers on a particular scheme, it has little to do whether its a better rate in the long run, or if the incomes fits, and sometimes, unfortunately its not the best deal they are physically offer. That's always held back just in case the client gets cold feet. Don't me wrong, they have great discounts, well what appear to be anyway, somethings 2.5%, but when the variable rate jumps back up to 9% you seem to forget the discount you recieved 12months ago... Read review

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